هن hybrid vehicle market will grow in the 2022-2029 forecast period. Market.us estimates that the market will reach USD 339.8 Billion by 2029 and grow at a 10.1% annual rate in the forecast.
Two power sources are used in a hybrid vehicle: an electric engine and an electric motor with energy storage batteries and fuel cells. There are two types of hybrid vehicles: parallel hybrid and series hybrid.
Market value has grown due to factors like rising demand for eco-friendly vehicles, falling battery costs and rising emission norms and growing demand of alternative fuel efficiency. Market growth will also be accelerated by government initiatives to improve hybrid vehicles. The market’s potential growth will be limited by the rising cost of hybrid vehicles and the growing demand for FCEVs and BEVs.
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Hybrid vehicles Market: Drivers
Market Growth Driven by Stringent Emissions Norms
Considering the serious effects of pollution on the environment and health, different countries have been enforcing strict regulations regarding vehicle carbon emissions. In July 2019, the US Department of Transportation imposed a US 5.50 penalty rate on auto manufacturers who fail to meet the Corporate Average Fuel Economy standards. These regulations have forced manufacturers to increase their funding for developing and producing hybrid and electric vehicles.
Hybrid cars allow for better fuel economy and performance without sacrificing power. Market growth is expected to be driven by stringent emission standards over the forecast period.
Positive environmental impact on boosting growth
Hybrid cars combine the best of both electric motors with gasoline engines. These vehicles have greater power and better fuel economy than conventional vehicles. Hybrid systems can cut fuel consumption by up to 35%. This is equivalent to a greater fuel economy of more than 50%. Hybrids often use advanced technologies like automatic start/stop. This reduces vehicle idling through automatic engine shutdown when the vehicle stops and immediate acceleration during restart.
The electric motor also uses energy from the regenerative brake to generate power. This can assist the engine when passing, hill climbing, or accelerating. The electric motor can be used to drive the vehicle at low speeds independently, which is the speed at which the combustion engines are the least efficient. Hybrid systems’ positive environmental impacts are driving the market growth.
هائبرڊ گاڏيون Market: Restraints
To restrain growth, increase adoption of BEV and FCEV
BYD, Tesla, and Volkswagen are major automobile makers focusing on developing pure electric vehicles, or battery electric vehicles (BEV). These vehicles are free from dependence on conventional fuel and the combustion engine, among many other benefits. Fuel cell electric vehicles (FCEVs) offer similar benefits, including net-zero emission, high driving range, quiet operation, and easy refueling. Through various initiatives, governments encourage the sale of BEVs and FCEVs. The Clean Vehicle Rebate Program (CVRP), implemented by California Air Resources Board (CARB), provides rebates up to USD 7,000 for purchasing or leasing FCEVs and/or BEVs. The market will be restrained by the increasing adoption of FCEVs and BEVs.
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هائبرڊ گاڏيون مارڪيٽ جي مکيه رجحانات:
Market Driven by Rising Government Subsidies
Many subsidies, tax rebates and incentives are offered by governments worldwide to customers who purchase hybrid and electric vehicles. China’s government has recently taken measures to support the new vehicle industry (NEV), i.e., electric vehicles, plug-in hybrid vehicles, and fuel cells. This was after the COVID-19 epidemic had severely affected. It extended tax exemptions and subsidies, which were due to expire in 2020. The Chinese government also hinted at new investments that could help boost the country’s long-term hybrid electric vehicle market.
Due to strict emission regulations and growing demand for zero-emission hybrid vehicles, the demand for hybrid vehicles is increasing in developing countries like Brazil, India, and Mexico. The Government of India announced in 2021 that it would extend its FAME II scheme until 2024 to promote electric mobility. Like Brazil, the Brazilian government encourages hybrid vehicle purchases, such as plug-in, hybrid electric and CNG hybrids, by lowering the tax rate.
Both the European and American governments are focusing on lowering emissions limits to reduce the greenhouse gas effect. They also focus on improving vehicle fuel economy. The US Department of Transportation (US Department of Transportation) has established standards for vehicle fuel economy, called Corporate Average Fuel Economy (CAFE). The United Kingdom proposed that all polluting vehicles be banned by 2035 and set a net-zero emission goal by 2050. Germany intends to reduce greenhouse gas emissions by 40% by 2020, 55% by 2030, and 95% by 2050, to support market growth.
In the Gulf region, electric and hybrid modes are growing in popularity, especially in Oman, Saudi Arabia and Israel. Dubai’s Roads and Transport Authority has announced ambitious plans to convert half of the Emirate’s taxis into hybrid vehicles by 2021. The forecast period will see positive developments in government policies and regulations to encourage hybrid electric car consumption.
تازو ترقي:
October 2020: BMW AG announced that it will introduce 25 hybrid electric vehicles worldwide by 2023.
August 2020: Paice (a hybrid vehicle technology provider) announced that it had signed an agreement to license its hybrid technology to Mitsubishi Motors.
رپورٽ جي دائري
| صفات | تفصيل |
| 2029 ۾ مارڪيٽ سائيز | آمريڪي ڊالر ملين ڊالر |
| واڌ جي شرح | CAGR جو 10.1٪ |
| تاريخي سال | 2016-2020 |
| بيس سال | 2021 |
| مقداري يونٽ | USD ۾ Bn |
| رپورٽ ۾ صفحن جو تعداد | 200+ صفحا |
| جدولن ۽ انگن جو تعداد | 150 + |
| فارميٽ | PDF/Excel |
| Direct Order This Report | Available- To Purchase This Premium Report Click Here |
Key Market Players:
- ٽويوٽا موٽر
- وقت گذرڻ موٽر
- غير مهربان
- کنڊ
- ZF فريڊريشافين
- ڊيمر
- هائي انڊائي موٽر
- هونڊا موٽر
- Schaeffler Technologies
- بورگ وارنر
- ڊيلفي ٽيڪنالاجيون
- ايليسن ٽرانسميشن
قسم
- ايڇ ٽي وي
- پي ايڇ وي
- اين جي وي
درخواست
- OEM Market
- Automobile After Market
Industry, By Region
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- Middle East & Africa [GCC, North Africa, South Africa]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
اهم سوال:
- What are some of the main driving forces for the Hybrid Vehicle Market?
- What segments are considered in the Hybrid Vehicle Market?
- Who are the major players in the Hybrid Vehicle Market?
- What’s the future expected growth rate for the global hybrid vehicle market?
- What’s the size of the hybrid car market today?
- In which region will hybrid vehicle sales grow the fastest?
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Market.us بابت
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هن آرٽيڪل مان ڇا وٺو:
- Due to strict emission regulations and growing demand for zero-emission hybrid vehicles, the demand for hybrid vehicles is increasing in developing countries like Brazil, India, and Mexico.
- The electric motor can be used to drive the vehicle at low speeds independently, which is the speed at which the combustion engines are the least efficient.
- The Chinese government also hinted at new investments that could help boost the country's long-term hybrid electric vehicle market.
